Asian Coast Development, the owner of the Grand Ho Tram Strip casino development in Vietnam, has received a funding commitment totalling $50m from its majority shareholder, Harbinger Capital.

Ho Tram Strip

The new funding is the second new investment in the Ho Tram Project in the past two months, following a $20m investment by NewCity Capital in July 2014. NewCity is a minority owner of Asian Coast Development.

Vietnam is re-evaluating its position on allowing Vietnamese nationals to begin gaming, as the government is presently drafting a decree that could include entry into integrated resorts and casinos within the country, possibly including The Grand Ho Tram Strip. 

"We remain as excited about the Ho Tram Project today as we were when we made our initial investment in 2007," said Harbinger Capital principal Philip Falcone. "We are encouraged by the Vietnamese government’s progress on establishing a robust regulatory framework that will also provide a road map for the establishment of locals gaming in Vietnam.”